Bank FD Update: Will the interest rate of 8 to 9 percent on FD now remain a dream? Actually, the Reserve Bank of India (RBI) can cut interest rates by 25 basis points (0.25%) on Friday. Most experts believe that RBI can reduce the repo rate this time
Bank FD Update: Will the interest rate of 8 to 9 percent on FD now remain a dream? Actually, the Reserve Bank of India (RBI) can cut interest rates by 25 basis points (0.25%) on Friday. Most experts believe that RBI can reduce the repo rate this time. If this happens, the interest on Fixed Deposit may decrease. The government has not made any change in the interest rates for the last 2 years. Now if the interest is reduced, then the interest on savings may decrease.
Will RBI reduce the interest rate?
RBI has kept the repo rate stable at 6.5% since February 2023. There has been no change in this in the last 2 years. Now when inflation is under control and the focus in the budget is also on increasing consumption. Earlier, RBI had cut interest rates in May 2020 during the Kovid-19 epidemic. And after that it was gradually increased to 6.5%. Now due to slow consumption, RBI can make loans cheaper, which will increase cash liquidity.
Repo rate will be announced on 7 February
RBI will announce the repo rate on 7 February. If RBI also cuts rates, then the interest rate on FD may come down. In such a situation, the big question for investors is whether it would be right to invest in FD now. Especially when there is a possibility of a fall in interest rates.
Many banks are currently offering 9 percent interest on FD
Many small finance banks in the country are offering 9 percent interest. In such a situation, if RBI reduces the repo rate, then the interest on FD may decrease. Now the time of rising interest rates is over or common people can take advantage of the current interest rates of FD. If the repo rate decreases, then the banks will also reduce the interest rate on FD. Many small finance banks are offering 9.0% to 9.% interest on FD to senior citizens. One of these Unity Small Finance Bank is offering 9% interest rate on FD to senior citizens. Public and private sector banks are offering 8 percent interest on FD.
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